Receipts For Voice Response Transfers

Answered by:

Question:

We would like to confirm that a financial institution is not required to send receipts for Voice Response transfers.

Answer:

That is correct. A receipt is required at electronic terminals. The definition of electronic terminal expressly excludes telephones operated by a consumer. This exclusion is interpreted in the Commentary to include Internet (home) banking and Web transactions.

First published on BankersOnline.com 3/3/03